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IES Holdings cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$63.8M in Q3 FY26 · $228M over twelve months

Operating cash flow$108M
Capital spending−$44.6M
Free cash flow+$63.8M
Cash / net income0.7×
Cash conversion cycle8 days

Analysis

In Q3 FY26, IES Holdings generated $108M of operating cash flow and spent $44.6M on capital projects, leaving free cash flow of $63.8M. That is $11.0M less than in Q3 FY25 ($74.8M).

Over the twelve months to Jun 30, 2026, operating cash flow was $371M; the largest uses were acquisitions ($173M), capital spending ($143M), other financing ($65.9M); besides operations, cash came from asset & business sales ($764K); the cash balance fell by $31.2M.

Operating cash flow was $108M against net income of $154M — 0.7× profit, less cash than reported earnings, worth checking against working capital. The largest differences: deferred revenue +$71.0M, receivables −$66.8M, gains on investments −$26.2M.

Its cash conversion cycle was 8 days (receivables 50 + inventory 13 − payables 55).

Free cash flow

IES Holdings: free cash flow by quarterIES Holdings: free cash flow by quarter$78.5MQ4 FY24$24.1MQ1 FY25$7.9MQ2 FY25$74.8MQ3 FY25$112MQ4 FY25−$18.9MQ1 FY26$71.5MQ2 FY26$63.8MQ3 FY26
Operating cash flow less capital spending.
IES Holdings: operating cash flow against capital spendingIES Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$92.8M$14.3MQ4 FY24$37.3M$13.2MQ1 FY25$24.8M$17.0MQ2 FY25$92.0M$17.1MQ3 FY25$132M$20.0MQ4 FY25$27.7M$46.6MQ1 FY26$103M$31.8MQ2 FY26$108M$44.6MQ3 FY26
Latest (Q3 FY26): Operating cash flow $108M, Capital spending $44.6M.

Capital allocation, year by year

IES Holdings: where the cash came from (up) and went (down), by fiscal yearIES Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY21: Operating cash flow $37.9MFY21: Net borrowing $40.3MFY21: Asset sales $295KFY21: Capital spending −$7.4MFY21: Acquisitions −$92.5MFY21: Buybacks −$7.0M$78.5MFY21FY22: Operating cash flow $16.3MFY22: Net borrowing $42.3MFY22: Shares issued $53KFY22: Asset sales $219KFY22: Capital spending −$29.3MFY22: Buybacks −$18.6M$58.9MFY22FY23: Operating cash flow $154MFY23: Net borrowing −$82.7MFY23: Shares issued $22KFY23: Asset sales $20.6MFY23: Capital spending −$17.7MFY23: Buybacks −$8.3M$175MFY23FY24: Operating cash flow $234MFY24: Shares issued $19KFY24: Asset sales $3.7MFY24: Capital spending −$45.2MFY24: Acquisitions −$67.0MFY24: Buybacks −$44.0M$238MFY24FY25: Operating cash flow $286MFY25: Asset sales $833KFY25: Capital spending −$67.3MFY25: Acquisitions −$52.4MFY25: Buybacks −$41.6M$287MFY25
Over these 5 years operating cash flow totalled $729M; the largest uses were acquisitions ($212M) and capital spending ($167M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$388M
Debt$35.0M
Net cash$353M

IES Holdings funds itself: free cash flow was $228M over the last twelve months, and $388M of cash and investments stands against $35.0M of debt.

Where the cash came from and went

IES Holdings: sources (+) and uses (−) of cash, Q3 FY26IES Holdings: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$108MCapital spending−$44.6MOther financing−$36.1MCash drawn (+) / kept (−)−$27.7MAsset & business sales$225KBuybacks−$136KPartners$2K
IES Holdings: sources (+) and uses (−) of cash, TTM to Q3 FY26IES Holdings: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$371MAcquisitions−$173MCapital spending−$143MOther financing−$65.9MCash drawn (+) / kept (−)$31.2MBuybacks−$19.6MPartners−$1.9MAsset & business sales$764K

From profit to cash

IES Holdings: net income to operating cash flow, Q3 FY26IES Holdings: net income to operating cash flow, Q3 FY26Net income$154MDepreciation & amortization$16.9MStock-based pay$3.8MDeferred taxes−$8.0MGains on investments−$26.2MGains on disposals−$181KReceivables−$66.8MInventory−$6.9MDeferred revenue$71.0MContract assets−$19.6MPrepaid and other assets−$22.9MOther liabilities$10.6MOperating cash flow$108M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY265013558
Q2 FY2655155712
Q1 FY2657166112
Q3 FY2554155415
Q2 FY2553155117
Q1 FY2557175618

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$108M−$44.6M—−$136K——−$27.7M$63.8M
Q2 FY26$103M−$31.8M−$143M−$1.7M$35.0M—$39.3M$71.5M
Q1 FY26$27.7M−$46.6M—−$17.7M——$38.3M−$18.9M
Q4 FY25$132M−$20.0M−$29.8M−$51K−$20.0M—−$18.7M$112M
Q3 FY25$92.0M−$17.1M—−$5.3M$20.0M—−$86.0M$74.8M
Q2 FY25$24.8M−$17.0M−$22.1M−$20.5M——$36.6M$7.9M
Q1 FY25$37.3M−$13.2M−$542K−$15.7M——$41.8M$24.1M
Q4 FY24$92.8M−$14.3M$696K−$19.7M—$11K−$55.9M$78.5M

IES Holdings: income statement and cash flow

IES Holdings, Q3 FY26: revenue $1.2B (+40% year over year), operating margin 14.4%. The chart follows the revenue to costs, profit and cash.

IES Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.